As experts in the field of medical malpractice insurance solutions we here at eQuoteMD frequently hear a handful of the same questions and misconceptions voiced by our clients, and in the broader media. So we thought we’d take this opportunity to share a few facts about medical malpractice and malpractice insurance that may surprise you.
- Not all medical malpractice insurance policies work the same way. And there isn’t one kind of policy that is best for every situation. Whether an occurrence policy or claims made policy is best for you will depend on your situation. A good broker should be able to help you assess your need and find the policy that is the best fit.
- Medical malpractice insurance prices are not skyrocketing. While we know that budgetary issues can be a significant source of frustration, especially for doctors in small practices, the truth is that in the vast majority of instances medical malpractice insurance costs have dropped significantly over the past 15 years. This means that if you’re premiums haven’t gone down in recent years you are likely over paying. Let us provide you a free quote and find out for yourself.
- Medical malpractice insurance is not the only kind of coverage you need. To truly indemnify yourself in the age of the Internet, HIPAA (Healthcare Insurance Portability Accountability Act) and the HITECH Act (Health Information Technology for Economic and Clinical Health) you need some kind of cyber liability coverage. In addition to coverage a good broker or carrier should provide you with complimentary HIPAA compliance training and resources on a regular or as needed basis. As enforcement of the last few years’ new regulations becomes more common audits will become as much of a concern as an actual breach, making both insurance and a compliance protocol necessary prongs in a full indemnity plan.
- Losing your tail insurance is not necessarily something you have to worry about when considering changing carriers. While it is true that most claims-made policies (occurrence policies do not require supplementary tail coverage) offer free tail coverage in the case of death, disability, or retirement after a certain number of years, this doesn’t necessarily mean that you have to be stuck with you current policy and provider or accept that you’ll have to fork over a huge payout for tail coverage if you change providers. In many cases, particularly if you work with a broker that has established relationships with multiple carriers, they can get the new carrier to cover your tail coverage. So in many cases you can lower your premium and get your tail coverage paid for at the same time. Why not get a quote and see if we can’t make that happen for you today?
- When it comes to medical malpractice insurance, cheapest is not always best. Particularly in the current market premiums are generally low across the board. The difference in price from one carrier to another may not be very extreme, so other questions should come into play when choosing a policy. Consider of course things like the stability and reputation of the carrier, but also look for value added products and services. Insurers and brokers are competing for your business in a tough market, so if they don’t offer you anything but a bare bones policy they don’t really deserve your business. Look for carriers and partners that offer things like CME opportunities with discounts associated, free HR support, cyber liability education and coverage, discount purchasing programs for office and medical supplies, etc. The market and the complexity of practicing medicine in today’s world are such that you need, and should have no trouble finding, a true partner that can connect you with a healthcare practice consultant who will help you with all your malpractice and other insurance and practice management needs.